新聚思 (SNX) 2023 Q1 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX First Quarter Fiscal 2023 Earnings Call. Today's call is being recorded. (Operator Instructions).

女士們，先生們，早上好。我叫艾比，今天我將擔任你們的會議接線員。歡迎大家參加 TD SYNNEX 2023 財年第一季度收益電話會議。今天的通話正在錄音中。 （操作員說明）。

After the speaker's remarks, there will be a question-and-answer session. And at this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

演講者發言後，將進行問答環節。在這個時候，對於開場白，我想將電話轉給投資者關係主管 Liz Morali。 LZ，你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for today's call. With me today are Rich Hume, CEO; and Marshall Witt, CFO.

謝謝。大家早上好，感謝您加入我們今天的電話會議。今天和我在一起的是 CEO Rich Hume；和首席財務官 Marshall Witt。

Before we continue, let me remind you that today's discussion contains forward-looking statements. within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events, including statements about strategy, plans and positioning as well as our expectations for future fiscal periods.

在我們繼續之前，讓我提醒您，今天的討論包含前瞻性陳述。在聯邦證券法的含義內，包括關於未來事件的預測、估計、預測或其他陳述，包括關於戰略、計劃和定位的陳述以及我們對未來財政期間的預期。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release in the Form 8-K we filed today and in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements.

實際結果可能與這些前瞻性陳述中提到的結果存在重大差異，原因是我們今天提交的 8-K 表格中的今天收益發布以及 10-K 表格的風險因素部分和我們的其他報告中討論了風險和不確定性向美國證券交易委員會報告和備案。我們不打算更新任何前瞻性陳述。

Also during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our Investor Relations website, ir.tdsynnex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

同樣在此次電話會議中，我們將參考某些非 GAAP 財務信息。 GAAP 與非 GAAP 結果的對賬包含在我們的收益新聞稿和我們的投資者關係網站 ir.tdsynnex.com 上提供的相關 8-K 表格中。此電話會議是 TD SYNNEX 的財產，未經我們許可不得錄製或轉播。

I will now turn the call over to Rich. Rich?

我現在將把電話轉給 Rich。富有的？

Thank you, Liz. Good morning, everyone, and thanks for joining us today. Our flexible business model and broad industry-leading portfolio allowed us to capture growth in Q1 across Advanced Solutions and high-growth technologies despite a rapidly changing market environment. Our team showed the ability to execute well remaining flexible to market conditions and pivoting to areas of growth.

謝謝你，麗茲。大家早上好，感謝今天加入我們。儘管市場環境瞬息萬變，但我們靈活的商業模式和廣泛的行業領先產品組合使我們能夠在第一季度通過高級解決方案和高增長技術實現增長。我們的團隊展示了執行良好的能力，保持對市場條件的靈活性並轉向增長領域。

This allowed us to grow revenue for the quarter on a constant currency basis, expand margins deliver non-GAAP EPS growth towards the high end of our previously guided range and return meaningful cash to our shareholders. Relative to our expectations, the macroeconomic environment impacted demand for PCs and related products during the quarter, and the market declined in North America more sharply than we had forecasted.

這使我們能夠在固定匯率的基礎上增加本季度的收入，擴大利潤率，使非 GAAP 每股收益增長達到我們之前指導範圍的高端，並向我們的股東返還有意義的現金。相對於我們的預期，本季度宏觀經濟環境影響了個人電腦及相關產品的需求，北美市場的下滑幅度超出了我們的預期。

From a regional perspective, the demand declines in both Europe and Asia Pacific, Japan were less pronounced. Looking forward, many of our top vendors indicate that we could anticipate a more stable Endpoint Solutions portfolio in the second half of the year with drivers such as the post-pandemic refresh cycle and the government and education spending season fueling PC demand.

從地區來看，歐洲和亞太地區的需求下降都不太明顯，日本。展望未來，我們的許多頂級供應商表示，我們可以預期今年下半年的端點解決方案產品組合會更加穩定，原因是大流行後的更新周期以及政府和教育支出季節推動了 PC 需求。

Nevertheless, this quarter highlighted the strength of our strategy to invest in diversifying our portfolio, our investments across data center and networking infrastructure, along with the build-out of a robust set of offerings for hybrid cloud, cybersecurity, data analytics and hyperscale infrastructure are paying off, and we are pleased with the momentum we continue to see in those categories in Q1.

儘管如此，本季度強調了我們投資組合多元化戰略的優勢，我們在數據中心和網絡基礎設施方面的投資，以及為混合雲、網絡安全、數據分析和超大規模基礎設施構建的一套強大的產品組合正在回報，我們對第一季度在這些類別中繼續看到的勢頭感到滿意。

In total, our basket of high-growth technologies, including Hyve, grew in the mid-teens for the quarter. This growth highlights the strategic importance of these projects to our customers and their end users and is aligned with our longer-term growth rates we've discussed previously for this category.

總的來說，我們的一籃子高增長技術，包括 Hyve，在本季度增長了十幾歲。這種增長凸顯了這些項目對我們的客戶及其最終用戶的戰略重要性，並與我們之前針對該類別討論的長期增長率保持一致。

Overall strength in Advanced Solutions and high-growth technologies helped to offset the declines in Endpoint Solutions and the overall business saw 4% constant currency growth in gross billings in the first quarter. It is worth noting that IDC and context reports for North America and Europe that we use to track our distribution market participation indicate the overall market share in those regions grew in fiscal Q1.

高級解決方案和高增長技術的整體實力幫助抵消了端點解決方案的下滑，整體業務在第一季度的總賬單中實現了 4% 的持續貨幣增長。值得注意的是，IDC 和我們用來跟踪我們的分銷市場參與情況的北美和歐洲背景報告表明，這些地區的整體市場份額在第一財季有所增長。

From a supply chain perspective, we continue to see improvement in the quarter and we experienced a decline in our backlog across the board quarter-over-quarter. While there remain a few isolated areas of constraint, our overall backlog levels are approaching historical levels. The normalization is a positive sign as a more balanced supply chain environment allows us to serve the demand for our customers in a more timely fashion.

從供應鏈的角度來看，我們繼續看到本季度的改善，我們的積壓訂單環比全面下降。雖然仍然存在一些孤立的限制區域，但我們的總體積壓水平正在接近歷史水平。正常化是一個積極的跡象，因為更平衡的供應鏈環境使我們能夠更及時地滿足客戶的需求。

We continue to make excellent progress on our ERP systems migration. And as I've mentioned previously, we deliberately have taken a measured and steady approach to reduce the risk of disruption to our customers and vendors. I'm pleased to report that more than 75% of our North America distribution business is now transacting in CIS. Customer and vendor sentiment around the transition has been positive, and we will continue to migrate the remaining portions of our business throughout the year.

我們在 ERP 系統遷移方面繼續取得出色進展。正如我之前提到的，我們特意採取了一種審慎而穩定的方法來降低對我們的客戶和供應商造成乾擾的風險。我很高興地報告，我們超過 75% 的北美分銷業務現在都在 CIS 進行交易。客戶和供應商對過渡的看法一直很積極，我們將在全年繼續遷移我們業務的其餘部分。

Also during the quarter, we were very proud to publish our first corporate citizenship report, demonstrating our commitment to being a responsible corporation, we have set clear environmental and social goals as described in the report, and we look forward to continuing to update you on our progress in these important areas.

同樣在本季度，我們非常自豪地發布了我們的第一份企業公民報告，表明我們致力於成為一家負責任的公司，我們已經設定了報告中描述的明確環境和社會目標，我們期待繼續為您更新我們在這些重要領域取得的進展。

As we enter the second quarter, which is our seventh post-merger quarter, we are confident in our ability to navigate the rapidly changing market dynamics in our industry. We believe our variable cost structure, diversified portfolio and commitment to investing in high-growth technologies allows us to succeed in any market condition.

隨著我們進入第二季度，這是我們合併後的第七個季度，我們對我們駕馭行業快速變化的市場動態的能力充滿信心。我們相信，我們可變的成本結構、多元化的產品組合以及對投資高增長技術的承諾使我們能夠在任何市場條件下取得成功。

In closing, we expect to see a continuation of the trends we saw in the first quarter play out in our fiscal Q2 and with demand for Endpoint Solutions likely seeing continued pressure and opportunities for continued growth in Advanced Solutions and high-growth technologies. We are confident in our ability to navigate the dynamic environment by leveraging our broad portfolio to pivot towards pockets of growth and margin expansion.

最後，我們希望看到我們在第一季度看到的趨勢在我們的第二財季繼續發揮作用，並且對端點解決方案的需求可能會看到高級解決方案和高增長技術持續增長的持續壓力和機會。我們相信我們有能力通過利用我們廣泛的產品組合轉向增長和利潤擴張的口袋來駕馭動態環境。

I'll now turn it over to Marshall for some additional comments about Q1 and our Q2 outlook. Marshall, over to you.

我現在將其轉交給馬歇爾，以獲得有關第一季度和我們第二季度展望的一些額外評論。馬歇爾，交給你了。

Thanks, Rich, and thanks to everyone for joining us today. Before I review our quarterly performance, I wanted to highlight a new measure that we introduced in our filings today. Beginning this quarter, we have added gross billings as one of our disclosures. We believe gross billings is an important metric to consider when evaluating our business as it represents our total book of business, including the sales that get netted down in the reported revenue line.

謝謝，里奇，感謝大家今天加入我們。在回顧我們的季度業績之前，我想強調一下我們今天在文件中引入的一項新措施。從本季度開始，我們將總賬單添加為我們的披露之一。我們認為，在評估我們的業務時，總賬單是一個需要考慮的重要指標，因為它代表了我們的總業務，包括在報告的收入線中扣除的銷售額。

As a reminder, for many of our virtual offerings across software, cloud and security, the net revenue we report represents only the gross profit we earn for the services we have performed. Thus, the totality of growth across those businesses is not captured in the reported net revenue line. As a larger portion of our revenue moves to software and services, that will be reported on a net basis, we believe providing gross billings and the associated growth rates will allow investors to fully appreciate underlying trends in the scope of our business.

提醒一下，對於我們在軟件、雲和安全方面的許多虛擬產品，我們報告的淨收入僅代表我們從所提供服務中獲得的毛利潤。因此，這些業務的總體增長並未包含在報告的淨收入線中。由於我們收入的很大一部分轉移到軟件和服務，這將按淨額報告，我們相信提供總賬單和相關增長率將使投資者能夠充分了解我們業務範圍內的潛在趨勢。

This new disclosure was also in response to requests from our investors who value this metric from a reporting perspective. As you heard from Rich, during the February quarter, we saw softer-than-expected demand across several Endpoint Solutions technology categories, particularly in North America. Despite this additional pressure, our broad diversified portfolio coupled with our focus on margin-accretive high-growth technologies allowed us to grow gross billings and revenue on a constant currency basis and expand margins despite the lower-than-expected revenue growth in the quarter.

這一新的披露也是為了回應我們投資者的要求，他們從報告的角度看重這一指標。正如您從 Rich 那裡聽到的那樣，在二月份的那個季度，我們看到多個端點解決方案技術類別的需求低於預期，尤其是在北美。儘管存在這種額外的壓力，但我們廣泛的多元化產品組合以及我們對利潤增長的高增長技術的關注使我們能夠在固定匯率的基礎上增加總賬單和收入，並在本季度收入增長低於預期的情況下擴大利潤率。

Now moving to Q1 results. Worldwide gross billings came in at $20.2 billion, up 1% year-over-year and up 4% in constant currency while net revenue was $15.1 billion, down 2% year-over-year and up 1% in constant currency. From a regional perspective, Americas revenue declined 4% year-over-year, while Europe increased 5% and APJ and increased 26%, all in constant currency.

現在轉到第一季度的結果。全球總收入為 202 億美元，同比增長 1%，按固定匯率計算增長 4%，而淨收入為 151 億美元，同比下降 2%，按固定匯率計算增長 1%。從地區來看，美洲收入同比下降 4%，而歐洲增長 5%，APJ 增長 26%，均以固定匯率計算。

In Americas, we saw a significant deceleration in demand for Endpoint Solutions products, partially offset by strength in Advanced Solutions and high-growth technologies, including Hyve. In Europe, the growth came from outperformance in Advanced Solutions, partially offset by less severe declines in Endpoint Solutions. In APJ, the region outperformed our forecast, driven by growth in Advanced Solutions, services and high-growth technologies.

在美洲，我們看到對端點解決方案產品的需求顯著放緩，部分被先進解決方案和高增長技術（包括 Hyve）的實力所抵消。在歐洲，增長來自高級解決方案的出色表現，部分被端點解決方案的下滑幅度較小所抵消。在 APJ，受高級解決方案、服務和高增長技術的增長推動，該地區的表現超出了我們的預測。

Non-GAAP gross profit was $1.01 billion, which is our second consecutive quarter greater than $1 billion, and non-GAAP gross margin was 6.8%, up 26 basis points year-over-year. The improvement in gross margin was driven primarily by an increased mix shift to Advanced Solutions and high-growth technologies. Total adjusted SG&A expense was $568 million, representing a 3.8% of revenue.

非美國通用會計準則毛利潤為 10.1 億美元，這是我們連續第二個季度超過 10 億美元，非美國通用會計準則毛利率為 6.8%，同比增長 26 個基點。毛利率的提高主要是由於向高級解決方案和高增長技術的組合轉移增加。調整後的 SG&A 費用總額為 5.68 億美元，佔收入的 3.8%。

Non-GAAP operating income was $443 million, up $11 million or 2.6% year-over-year, and non-GAAP operating margin was 2.93%, up 14 basis points year-over-year primarily driven by increased mix shift to high-growth technologies and cost synergy attainment. On a constant currency basis, non-GAAP operating income increased 5% year-over-year. Quarter 1 non-GAAP interest expense and finance charges were $78 million, $5 million above our outlook. For Q1, the non-GAAP effective tax rate was approximately 23%. The Total non-GAAP net income was $279 million and non-GAAP diluted EPS was $2.93, which was at the high end of our previously communicated guidance range for the quarter.

非美國通用會計準則營業收入為 4.43 億美元，同比增長 1100 萬美元或 2.6%，非美國通用會計準則營業利潤率為 2.93%，同比增長 14 個基點，這主要是由於向高增長的組合轉變增加技術和成本協同效應的實現。按固定匯率計算，非 GAAP 營業收入同比增長 5%。第一季度非 GAAP 利息支出和財務費用為 7800 萬美元，比我們的預期高出 500 萬美元。對於第一季度，非 GAAP 有效稅率約為 23%。非 GAAP 淨收入總額為 2.79 億美元，非 GAAP 稀釋後每股收益為 2.93 美元，處於我們之前公佈的本季度指導範圍的高端。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $539 million and debt of $4.4 billion. Our gross leverage ratio was 2.4x and net leverage was 2.1x, which is in line with our investment-grade profile and approaching our previously communicated target of 2x gross leverage ratio. Accounts receivable totaled $9.36 billion down from $9.42 billion in the prior quarter, and inventories totaled $8.37 billion, down $694 million or 8% from the prior quarter. Net working capital at the end of the first quarter was $4.2 billion, an increase of approximately $390 million from Q4 due to seasonal trends. The cash conversion cycle for the first quarter was 26 days, up 3 days from quarter 4 and cash used in operations in the quarter was $103 million.

現在轉向資產負債表。本季度末，我們的現金和現金等價物為 5.39 億美元，債務為 44 億美元。我們的總槓桿率為 2.4 倍，淨槓桿率為 2.1 倍，這符合我們的投資級別概況，並接近我們之前傳達的 2 倍總槓桿率的目標。應收賬款總額為 93.6 億美元，低於上一季度的 94.2 億美元，存貨總額為 83.7 億美元，較上一季度下降 6.94 億美元或 8%。第一季度末的淨營運資金為 42 億美元，由於季節性趨勢，比第四季度增加了約 3.9 億美元。第一季度的現金周轉週期為 26 天，比第四季度增加了 3 天，本季度運營中使用的現金為 1.03 億美元。

From a shareholder return perspective, for the current quarter, our Board of Directors has approved a cash dividend of $0.35 per common share payable on April 28, 2023, to stockholders of record as of the close of business on April 14, 2023. During the quarter, we paid $33 million in dividends and continued executing on our share repurchase program by buying approximately $115 million of our stock.

從股東回報的角度來看，對於本季度，我們的董事會已批准於 2023 年 4 月 28 日向截至 2023 年 4 月 14 日營業結束時登記在冊的股東派發每股普通股 0.35 美元的現金股息。本季度，我們支付了 3300 萬美元的股息，並繼續執行我們的股票回購計劃，購買了大約 1.15 億美元的股票。

We have approximately $900 million remaining on our 3-year share repurchase authorization and expect to continue further share repurchases through the year, aligned with our cash flow generation. We continue to make good progress on the remaining merger-related cost synergies, recognizing an additional $25 million in the quarter. And to date, we have achieved over $170 million of our total $200 million target.

我們的 3 年期股票回購授權剩餘約 9 億美元，預計今年將繼續進一步股票回購，與我們的現金流量產生保持一致。我們繼續在剩餘的與合併相關的成本協同效應方面取得良好進展，在本季度確認了額外的 2500 萬美元。迄今為止，我們已經實現了 2 億美元的總目標中的 1.7 億美元。

Now moving to our outlook for fiscal quarter 2. As Rich had mentioned, we expect to see a continuation of the trends we saw in the first quarter with a stronger weighting towards Advanced Solutions and high-growth technologies. We expect gross billings of $18.7 billion to $20 billion, approximately flat on a year-over-year basis in constant currency at the midpoint.

現在轉向我們對第 2 財季的展望。正如 Rich 所提到的，我們希望看到我們在第一季度看到的趨勢的延續，並更加重視高級解決方案和高增長技術。我們預計總賬單為 187 億美元至 200 億美元，按中點固定匯率計算，同比大致持平。

We expect total revenue to be in the range of $14 billion to $15 billion which equates to a year-over-year decline of approximately 4% on a constant currency basis at the midpoint. The 4% decline in net revenue is driven by incremental gross to net adjustments year-over-year as we continue to grow in Advanced Solutions and high-growth technologies.

我們預計總收入將在 140 億美元至 150 億美元之間，這相當於按固定匯率計算的中點同比下降約 4%。隨著我們在高級解決方案和高增長技術領域的持續增長，淨收入下降 4% 的原因是毛收入與淨收入的同比調整有所增加。

This outlook also reflects the impact of year-over-year foreign exchange headwinds of approximately $200 million to revenue and $250 million to gross billings. Our guidance is based on a euro-to-dollar exchange rate of $1.07. Non-GAAP net income is expected to be in the range of $214 million to $261 million and non-GAAP diluted EPS is expected to be in the range of $2.25 to $2.75 per diluted share based on weighted average shares outstanding of approximately 94.2 million.

這一前景還反映了同比外匯逆風對收入約 2 億美元和總收入約 2.5 億美元的影響。我們的指導基於 1.07 美元的歐元兌美元匯率。非 GAAP 淨收入預計在 2.14 億美元至 2.61 億美元之間，非 GAAP 稀釋後每股收益預計在 2.25 美元至 2.75 美元之間，基於約 9420 萬股的加權平均流通股。

Non-GAAP interest expense for quarter 2 is expected to be approximately $76 million, and we expect the tax rate to be approximately 24%. Our guidance is inclusive of headwinds year-over-year from interest expense and euro devaluation and which collectively represent a $0.27 per share headwind to non-GAAP EPS versus quarter 2 fiscal of 2022. Excluding these discrete items, our outlook implies non-GAAP EPS growth up approximately 2% at the midpoint as our underlying business continues to perform solidly.

第二季度的非 GAAP 利息支出預計約為 7600 萬美元，我們預計稅率約為 24%。我們的指引包括利息支出和歐元貶值帶來的同比逆風，與 2022 年第二財季相比，它們共同代表每股 0.27 美元的逆風非 GAAP 每股收益。排除這些離散項目，我們的前景意味著非 GAAP 每股收益由於我們的基礎業務繼續表現穩健，中點增長率約為 2%。

Regarding our thoughts for the full year of 2023, the market continues to be volatile, which may impact our business, but we believe that our differentiation in the market and ability to pivot to pockets of growth is clear in our performance this quarter and on our guidance for Q2.

關於我們對 2023 年全年的看法，市場繼續動盪，這可能會影響我們的業務，但我們相信，我們在本季度的業績和第二季度的指導。

We are seeing stable and consistent margins to the fiscal year outlook we provided last quarter and continue to feel confident we will deliver on our previously guided $1 billion plus in free cash flow, a large portion of which we expect to be returned to shareholders through continued share buybacks and dividends.

我們看到上個季度提供的財政年度前景穩定且一致的利潤率，並繼續相信我們將實現我們之前指導的 10 億美元加上自由現金流，我們預計其中很大一部分將通過持續的方式返還給股東股票回購和分紅。

I will now turn the call back over to the operator to begin the Q&A session. Operator?

我現在將把電話轉回接線員以開始問答環節。操作員？

(Operator Instructions) And we will take our first question from Keith Housum with Northcoast Research.

（操作員說明）我們將從 Northcoast Research 的 Keith Housum 那裡回答我們的第一個問題。

I appreciate the opportunity here. In terms of the strength that you saw in Europe and Asia Pacific specifically, Marshall, can you please perhaps talk a little bit about some of that strength. Are you guys taking share there? Is there a feeling of that? Or is it just a market there stronger than what you're seeing here in North America?

我很感激這裡的機會。就您在歐洲和亞太地區看到的實力而言，馬歇爾，您能否談談其中的一些實力。你們在那里分享嗎？有沒有那種感覺？或者它只是一個比你在北美看到的更強大的市場？

Yes. So Keith, in the prepared remarks -- well, and thanks for the question. I'm ready to jump in right away. So first, in our prepared remarks, I had commented on market share in Europe and in North America, absent APJ. And the reason for that is we don't have a service in APJ that readily reports our market position. But clearly, as stated in the remarks, we feel as if we've grown our market participation in North America and Europe. And obviously, the top line revenue strength in APJ was quite good. So that's the first point.

是的。基思，在準備好的發言中——好吧，謝謝你提出這個問題。我準備好馬上跳進去。因此，首先，在我們準備好的發言中，我評論了歐洲和北美的市場份額，沒有 APJ。原因是我們在 APJ 沒有可以隨時報告我們市場地位的服務。但很明顯，正如評論中所述，我們覺得我們在北美和歐洲的市場參與度有所提高。顯然，APJ 的收入實力相當不錯。這是第一點。

If I were to characterize the European performance, we have this theme for our company globally, where we had said that we had a declining endpoint, and we had growing Advanced Solutions. And in Europe, on the endpoint, let me just say that it declined less than on the Advanced Solutions, it grew more. Part of the endpoint declining less is due to the mix of that endpoint segment.

如果我要描述歐洲表現的特徵，我們在全球範圍內為我們的公司製定了這個主題，我們曾說過我們的終點正在下降，而我們的高級解決方案正在增長。在歐洲，在端點上，我只想說它的下降幅度小於高級解決方案，它的增長幅度更大。下降較少的部分端點是由於該端點段的混合。

You might recall, we have mobility as part of the endpoint segment in Europe as an example. So therefore, some of those things in terms of the mix of the endpoint were why we had declined less. So that's really the major overlying theme.

您可能還記得，我們將移動性作為歐洲端點部分的一部分作為示例。因此，就端點的組合而言，其中一些事情是我們下降較少的原因。所以這真的是主要的重疊主題。

One thing that you'll see in the press release on the regionals is that opt income for Europe did decline, that was more about high-growth technology, [tough] compares year-on-year.

你會在區域新聞稿中看到的一件事是，歐洲的選擇收入確實下降了，這更多地與高增長技術有關，[艱難] 與去年同期相比。

Okay. Appreciate that. And just following up, Rich, on that endpoint device commentary there, you noted that the vendors expect a second half improvement in endpoint devices. I guess my question is, I guess, do you and your customers agree with that assessment that you'll see an improvement in the second half?

好的。感謝。緊接著，Rich，在那篇端點設備評論中，你注意到供應商期望端點設備在下半年有所改進。我想我的問題是，我想，您和您的客戶是否同意您會在下半年看到改善的評估？

I would say that generally, yes, Keith, there's a couple of parameters here that I think are important. So first, -- if you think about the government buying season, what we had experienced is that in the prior year, there was a pretty tepid government spending season because of the huge COVID purchase the year or 2 before that. So we believe there will be a rebound there.

我會說，一般來說，是的，Keith，我認為這裡有幾個參數很重要。所以首先， - 如果你考慮政府購買季節，我們所經歷的是，在前一年，由於前一兩年的 COVID 購買量巨大，政府支出季節相當不溫不火。所以我們相信那裡會出現反彈。

The second is, we all know about the post-pandemic refresh cycle and Windows 11. So we'll start to see some of that kick in. And the third is candidly, the back half of the year is when the declines had begun, so the compares are easier. They basically will begin to wrap, starting in the third quarter overall.

第二個是，我們都知道大流行後的更新周期和 Windows 11。所以我們將開始看到其中的一些開始。第三個是坦率地說，今年下半年是下降開始的時候，所以比較更容易。從第三季度開始，他們基本上將開始收尾。

We will take our next question from Sameer Kalucha with RBC.

我們將接受來自 RBC 的 Sameer Kalucha 的下一個問題。

Can you hear me okay?

你能聽到我說話嗎？

Yes.

是的。

Okay. Great. So when you give the guidance for the full year last quarter, the outlook was underpinned by a flattish GDP outlook. I was curious, what are your views on GDP from where we are right now given the market conditions are a little bit different from what we saw in the beginning of the year. So that's number one.

好的。偉大的。因此，當你在上個季度給出全年指引時，前景是由持平的 GDP 前景支撐的。我很好奇，鑑於市場狀況與我們年初看到的情況略有不同，您對我們目前的 GDP 有何看法。所以這是第一。

And number two, given all the rage about new technologies like generative AI. I'm curious how big are they as part of your portfolio in the high-growth solutions in AI/ML part? And how do you expect them to drive growth going forward?

第二，考慮到生成人工智能等新技術的風靡一時。我很好奇它們在 AI/ML 部分的高增長解決方案中作為您投資組合的一部分有多大？您希望他們如何推動未來的增長？

Yes. Well, thank you for your comments. First, as it relates to GDP, as you're well aware, I mean, I think there's been some real-time events that have played out in the last couple of weeks that probably aren't yet reflected in the reports that exist for GDP. So we'll have to wait and see when those things flow through and the economists do their job as to what that outcome might be. Last reported, we thought that GDP in the markets that we participate would be flattish. So we'll see where things go from there.

是的。嗯，謝謝你的意見。首先，因為它與 GDP 有關，正如你所知，我的意思是，我認為過去幾週發生的一些實時事件可能尚未反映在現有的報告中國內生產總值。因此，我們將不得不拭目以待，看看這些事情何時會發生，而經濟學家會就結果可能是什麼做他們的工作。上次報告時，我們認為我們參與的市場的 GDP 將持平。因此，我們將看看事情的發展方向。

And then on your second question, when we think about our strategy, we talk about high-growth technologies, which includes hyperscale infrastructure cybersecurity and then data and analytics. Data and analytics at its core becomes the foundation, if you will, for a lot of the AI work that's going on, I would say, sort of looking backward, the predominance of our sale had been more around analytics, pure analytics and the -- we now see the emergence of artificial intelligence, although it really hasn't become a material or meaningful part of our entire revenue stream or portfolio yet.

然後關於你的第二個問題，當我們考慮我們的戰略時，我們談論高增長技術，其中包括超大規模基礎設施網絡安全，然後是數據和分析。數據和分析的核心成為基礎，如果你願意的話，對於正在進行的許多人工智能工作，我想說，有點回顧過去，我們銷售的主導地位更多地圍繞著分析，純分析和 - - 我們現在看到了人工智能的出現，儘管它還沒有真正成為我們整個收入流或投資組合的重要或有意義的部分。

My experience has been that when new technologies emerge to the market, they'll manifest themselves in first-of-a-kind offerings first. And then through time, they get packaged to make their way down through what I'll call the medium or smaller customers, which is where most of our engagement with our customers is directed.

我的經驗是，當新技術出現在市場上時，它們首先會以同類產品中的首創形式出現。然後隨著時間的推移，他們被打包通過我稱之為中型或小型客戶的方式，這是我們與客戶接觸的大部分地方。

As you well know, when you get into AI, it's all about the data and the accuracy of the data. So my expectation is we might go through the similar cycle of being deployed first as custom projects and then making its way into packaged solutions. But I believe that, that whole development cycle will be greatly condensed given the emergence of a lot of the new artificial intelligence in the market.

眾所周知，當你進入 AI 領域時，一切都與數據和數據的準確性有關。所以我的期望是我們可能會經歷類似的循環，首先作為自定義項目進行部署，然後進入打包解決方案。但我相信，鑑於市場上出現了許多新的人工智能，整個開發週期將大大縮短。

And we will take our next question from Joseph Cardoso with JPMorgan.

我們將從摩根大通的 Joseph Cardoso 那裡回答下一個問題。

So just one for me. We've seen some positive data points in the PC supply chain over like the last 1 to 2 months, at least as it relates to inventory levels. Just curious to hear what you guys are seeing as it relates to channel inventory?

所以只給我一個。過去 1 到 2 個月，我們在 PC 供應鏈中看到了一些積極的數據點，至少與庫存水平相關。只是想听聽你們看到的與渠道庫存相關的內容？

And then just on the demand side, you suggested some of your partners suggesting a recovery in 2H on those various kind of data points. I'm just -- are you actually seeing any of that to date and at least conversations that you're having with your customers? Or should we think about that becoming more tangible later in the year?

然後在需求方面，你建議你的一些合作夥伴建議在 2H 中恢復這些各種數據點。我只是 - 你是否真的看到了迄今為止的任何內容，至少是你與客戶進行的對話？還是我們應該考慮在今年晚些時候變得更加具體？

Thanks for the question. And when I had discussed the PC ecosystem earlier off of Keith's question, I had left out the fact that there was a lot of visibility brought by vendors broadly to, I'll call it, extra inventory within the channel. And fundamentally or I should say anecdotally, I believe that's true.

謝謝你的問題。當我早些時候討論基思問題的 PC 生態系統時，我忽略了一個事實，即供應商廣泛地帶來了很多可見性，我稱之為渠道內的額外庫存。從根本上說，或者我應該說，我相信這是真的。

We don't have visibility with precision with regard to all of the inventory that's held by our sellers, but anecdotally the evidence was there to -- through the discussion, we were led to believe that there was an inventory work down. So I do believe that that's part of the realignment, if you will, for the second half of the year.

對於我們的賣家持有的所有庫存，我們沒有準確的可見性，但有趣的是，有證據表明——通過討論，我們被引導相信庫存工作減少了。所以我確實相信，如果你願意的話，這是下半年調整的一部分。

To answer your question explicitly, have we seen the green sprouts yet? No, we haven't. I do believe there are months ahead as opposed to beginning currently.

明確回答你的問題，我們看到綠芽了嗎？不，我們沒有。我確實相信還有幾個月的時間，而不是現在才開始。

And we will take our next question from Tim Long with Barclays.

我們將在巴克萊銀行接受 Tim Long 的下一個問題。

Sorry about that. Two questions here, if I could. First, if you could talk across the device business and the Advanced Technologies businesses, the impact of pricing and price changes. Obviously, PCs were inflated. And then if you look at the server and storage market, we're seeing pretty meaningful memory cost decline. So curious if you're starting to see any of that showing in your numbers?

對於那個很抱歉。如果可以的話，這裡有兩個問題。首先，如果你能談談設備業務和先進技術業務，定價和價格變化的影響。顯然，PC 被誇大了。然後如果你看看服務器和存儲市場，我們會看到內存成本下降非常有意義。很好奇您是否開始在您的數字中看到任何顯示的內容？

And then secondly, maybe, Marshall, if you can talk a little bit about cash conversion cycle and how we think about that through the rest of the year.

其次，也許，馬歇爾，如果你能談談現金轉換週期，以及我們在今年餘下的時間裡是如何考慮這個問題的。

Okay. Thank you for the question. I'll handle Part A and then Marshall Part B. So this varies a little bit by region, but we have seen price activity in PC, given the supply situation we spoke about earlier. Expectation is that as supply stabilizes that -- there'll be lesser activity, if you will, around the PC segment.

好的。感謝你的提問。我將處理 A 部分，然後是 Marshall B 部分。所以這因地區而異，但鑑於我們之前談到的供應情況，我們已經看到了 PC 的價格活動。預計隨著供應穩定——如果你願意的話，PC 領域的活動將會減少。

We have consistent with your thoughts around some of the commodity prices coming down, which obviously are a big part of the bill of materials within Advanced Solutions. We have seen price activity begin to emerge. It's been a good long time since we have seen that. But yes, there has been price reductions in we would anticipate price reductions as the flow-through of those commodities occur.

我們與您對一些商品價格下降的想法一致，這顯然是 Advanced Solutions 材料清單的重要組成部分。我們已經看到價格活動開始出現。自從我們看到這一點以來已經很長時間了。但是，是的，隨著這些商品的流通發生，我們預計價格會下降。

What the other question that should go along with that, that I kind of put it in the category of too early to tell is a lot of times when these commodity comes down, the ASPs get held while customers take, I'll call it, more rich configurations. So the question will be, will we see that or will we see customers, given the economic circumstance, except leaner configurations. I don't have enough evidence or information on that yet, but that's something that probably will play out in the next 90 days.

另一個應該伴隨而來的問題是什麼，我把它歸類為時過早，很多時候當這些商品價格下跌時，ASP 在客戶拿走時被持有，我稱之為，更豐富的配置。所以問題是，在經濟環境下，除了更精簡的配置，我們會看到嗎？或者我們會看到客戶嗎？我還沒有足夠的證據或信息，但這可能會在接下來的 90 天內出現。

And on the cash conversion cycle question, you saw for quarter 1, we were around 26%. I expect that to improve by a couple of days in Q2 to about 24-ish. And then similar to what we had said at the beginning of the year, I do expect that to continue to decline or improve for the rest of the fiscal. Ideally, if we can get to around 20 days-ish, that would be great.

關於現金轉換週期問題，您在第一季度看到，我們的比例約為 26%。我預計第二季度會改善幾天，達到 24 歲左右。然後與我們在年初所說的類似，我確實希望在本財政年度的剩餘時間內繼續下降或改善。理想情況下，如果我們能達到 20 天左右，那就太好了。

In my comments, you saw we did reiterate the confidence around our free cash flow being at $1 billion plus. We still feel given the working capital improvements, the earnings power of the organization, an assumption that supply chain remains stable and the inventory channels continue to clear. I think we're going to be good to hit that.

在我的評論中，你看到我們確實重申了對我們的自由現金流量超過 10 億美元的信心。我們仍然認為，鑑於營運資本的改善、組織的盈利能力、供應鏈保持穩定和庫存渠道繼續清理的假設。我認為我們會很好地做到這一點。

And we will take our next question from Ruplu Bhattacharya with Bank of America.

我們將接受來自美國銀行的 Ruplu Bhattacharya 的下一個問題。

Rich, it looks like you had another strong quarter for Advanced Solutions and that probably also benefited margins. So how much did Advanced Solutions benefit from backlog reduction in the quarter and what do orders look like? And if Advanced Solutions weakens in the second half, what would the margin trajectory look like? And do you see the need for incremental cost structure changes?

Rich，看起來您的 Advanced Solutions 又迎來了一個強勁的季度，這可能也有利於利潤率。那麼 Advanced Solutions 從本季度積壓訂單的減少中獲益了多少？訂單情況如何？如果 Advanced Solutions 在下半年走弱，利潤軌跡會是什麼樣子？您是否認為有必要改變增量成本結構？

Lots of questions there. So let me take it 1 at a time. First, certainly, I do believe that as the backlog has been running down that it has assisted in our growth for Advanced Solutions. Second, when you think about when Advanced Solutions really began to have higher growth rates overall, it approximately was in the back half of last year. So therefore, the comparison in the back half will be a bit more challenging for Advanced Solutions. So we would expect that the growth rates wouldn't be as they were previously.

那裡有很多問題。所以讓我一次拿走 1 個。首先，當然，我確實相信，隨著積壓工作的減少，它有助於我們在 Advanced Solutions 方面的發展。其次，當你想到 Advanced Solutions 真正開始整體增長率更高時，大概是在去年下半年。因此，後半部分的比較對於 Advanced Solutions 來說更具挑戰性。所以我們預計增長率不會像以前那樣。

As it relates to cost actions, we've talked on the last couple of calls relative to us being very, very focused in every region of the world to make sure that we're being very prescriptive as it relates to all of our discretionary spend. All of our new hire spend and ensuring that every single dollar is measured.

由於它與成本行動有關，我們在最近的幾次電話會議上談到了我們非常非常關注世界的每個地區，以確保我們在涉及我們所有可自由支配的支出時非常規範.我們所有的新員工都會花錢，並確保每一分錢都經過衡量。

We look at our -- and think about our cost structure on a continuous basis and -- we look forward to understand the ebb and flow of economic change and adjust accordingly as we think about the back half of the year. So that's the way Ruplu, we think about it, and thanks for the question.

我們審視我們的——並持續思考我們的成本結構——我們期待了解經濟變化的潮起潮落，並在考慮下半年時相應地進行調整。所以這就是 Ruplu 的方式，我們考慮它，感謝你提出這個問題。

Okay, Rich. Marshall, I have a question for you on ROIC. But before I ask that, I just wanted to ask a clarification. Maybe I missed this, but last quarter, you had talked about full year 2023 revenue growth to be 3% to 5% on a reported basis. Did you confirm that also for -- in this quarter? I may have missed that. If you can just clarify that.

好的，里奇。馬歇爾，我有一個關於 ROIC 的問題要問你。但在我問那個之前，我只是想澄清一下。也許我錯過了這一點，但上個季度，您曾談到 2023 年全年收入增長將在報告基礎上增長 3% 至 5%。您是否也在本季度確認了這一點？我可能錯過了。如果你能澄清一下。

And then my question on ROIC is, I guess, you've reported 10.6% this quarter. A year ago, it looks like it was in the mid-teens. It may not be an apples-to-apples because maybe it wasn't on a combined company basis. So this -- the target of 2% to 4% above WACC, I mean, what needs to happen for you to get to the high end of that ROIC range? And how should we think about ROIC in the long term?

然後我關於 ROIC 的問題是，我猜你本季度報告了 10.6%。一年前，它看起來像是在十幾歲的時候。它可能不是同類產品，因為它可能不是基於合併後的公司。所以這個 - 目標是 WACC 高出 2% 到 4%，我的意思是，你需要做什麼才能達到 ROIC 範圍的高端？從長遠來看，我們應該如何看待 ROIC？

I'll address the ROIC first, Ruplu. The mechanics around how that's calculated is we do a 5-quarter average. So that as we have come further away from the merger, invested capital continues to grow. The denominator is growing, which is expected. So the 10.6% is in line with our expectation.

我將首先解決 ROIC，Ruplu。計算方法是我們計算 5 個季度的平均值。因此，隨著我們離合併越來越遠，投資資本繼續增長。分母正在增長，這是預期的。所以10.6%符合我們的預期。

To your question on WACC. I mean, clearly, interest rates have increased, so that has increased our WACC. We're at a WACC of roughly around 8.5% to 9%. And a lot of that, again, is just due to rising interest rates. It hasn't changed our overall requirement of returning 200 to 400 basis points above our weighted average cost of capital, that continues to be the threshold that we look at when we make investments in the business and we make investments externally in terms of M&A opportunity.

關於您關於 WACC 的問題。我的意思是，很明顯，利率增加了，所以我們的 WACC 增加了。我們的 WACC 大約在 8.5% 到 9% 左右。再次，其中很多只是由於利率上升。它並沒有改變我們的總體要求，即回報率高於我們的加權平均資本成本 200 到 400 個基點，這仍然是我們在業務投資和併購機會方面進行外部投資時所考慮的門檻.

To touch on the question about what we gave guidance for and what we didn't -- you're right, we did not give guidance for revenue for the second half of the year. A lot of that has to do with what Rich said in his prepared remarks, just around the uncertainty and volatility that we're currently experiencing. We certainly want to see this quarter play out, see how it does and then come back with a rethought for our guidance as we get into the end part of Q2 and into Q3.

關於我們給出的指導和我們沒有給出的指導的問題 - 你是對的，我們沒有給出下半年的收入指導。這在很大程度上與 Rich 在他準備好的發言中所說的有關，只是圍繞著我們目前正在經歷的不確定性和波動性。我們當然希望看到本季度的結果，看看它的表現如何，然後在我們進入第二季度末和第三季度時重新考慮我們的指導。

And we will take our next question from Adam Tindle with Raymond James.

我們將與 Raymond James 一起接受 Adam Tindle 的下一個問題。

Marshall, I want to expand on that guidance point that you just made. I understand maybe not expanding on the revenue piece of it, but stripping out gross versus net and all that sort of stuff and just looking at the actual earnings of the company. I think you would have come to a conclusion of an earnings for around $12 for the year based on your comments of 3% to 5% growth. 2.6% to 2.8% operating margin. That's kind of where we all landed for the year.

馬歇爾，我想進一步闡述你剛才提出的指導要點。我的理解可能不是擴大它的收入部分，而是剝離總收入與淨收入以及所有類似的東西，只看公司的實際收入。我想你會根據你對 3% 到 5% 增長的評論得出今年收益約為 12 美元的結論。營業利潤率為 2.6% 至 2.8%。這就是我們今年的目標。

Obviously, you're tracking below that on a year-over-year basis for the first half of this year. So just wondering maybe if we could switch that question to more of an earnings question to see what has changed since you last gave that guidance. And if we look at the current run rates, we're probably going to be closer to low 11s in terms of earnings for the year. Is that something that makes more sense to you based on what you're seeing right now?

顯然，您今年上半年的同比增長低於該水平。所以只是想知道我們是否可以將該問題轉換為更多的收益問題，以了解自您上次給出該指導以來發生了什麼變化。如果我們看看當前的運行率，我們今年的收入可能會接近 11 分。根據你現在看到的，這對你來說更有意義嗎？

Yes, I'll start and then I'll have Rich to provide commentary. I think we'll start with just what we said about what we experienced in the quarter. Endpoint Solutions softer and down on a year-on-year basis in the majority of the regions that we perform. So I think revenue itself is probably the biggest driver of, we'll call it, the operating income decline.

是的，我會先開始，然後讓 Rich 提供評論。我想我們將從我們所說的關於我們在本季度經歷的事情開始。在我們執行的大多數地區，端點解決方案同比下降。所以我認為收入本身可能是我們稱之為營業收入下降的最大驅動力。

As we said, we feel good about the margin profile and structure of our business being in that 2.6% to 2.8% range. We like to position of where we're at strategically within the organization. We're proud about the market share that's either at or better than what it was to us. It certainly implies that during these uncertain times, our position in the market is allowing and providing for our partners to spend more with us and use this more as they also try to figure out ways to be more efficient in this uncertain economic situation.

正如我們所說，我們對我們業務的利潤率狀況和結構處於 2.6% 至 2.8% 的範圍內感到滿意。我們喜歡定位我們在組織內的戰略位置。我們為市場份額達到或超過我們的市場份額感到自豪。這當然意味著在這些不確定的時期，我們在市場上的地位允許並允許我們的合作夥伴與我們一起花費更多並更多地使用它，因為他們也試圖找出在這種不確定的經濟形勢下提高效率的方法。

Rich, I don't know if you want to add anything else to add?

Rich，不知道大家還有什麼想補充的嗎？

The only thing that I'd add, and it's a bit repetitive is that as Marshall had stated, the financial profile and the engagement model as it's been -- as we talked about our market participation, I think, is very strong. And this is a more macroeconomic challenge as opposed to anything else. And with all of the uncertainty we just don't feel comfortable with providing a view with regard to 2H at this time.

我唯一要補充的，有點重複的是，正如馬歇爾所說，財務狀況和參與模式一直如此——我認為，當我們談到我們的市場參與時，它非常強大。與其他任何事情相比，這是一個更宏觀的經濟挑戰。由於存在所有不確定性，我們現在不願意提供有關 2H 的觀點。

All right. Maybe then as a follow-up since that might create some volatility. Marshall, how you're thinking about capital allocation and cash flow. And I guess maybe more specifically, you talked about the $1 billion for the year, the cadence of that? And any kind of buckets that that's coming from? How that should layer out through the remaining quarters and what gives you the confidence?

好的。也許然後作為後續行動，因為這可能會造成一些波動。 Marshall，你是如何考慮資本配置和現金流的。我想也許更具體地說，你談到了今年的 10 億美元，以及它的節奏？那是來自什麼桶？這應該如何在剩餘的季度中分層，是什麼讓你有信心？

And secondly, on capital allocation, I think you said it'd be aligned with cash generation presumably, that's going to increase going forward, given you were negative in Q1 and talking about $1 billion for the year, might that translate to more share repurchase, just how we can think about that would be great.

其次，關於資本配置，我想你說過這可能與現金產生保持一致，鑑於你在第一季度為負並且談論今年 10 億美元，這可能會轉化為更多的股票回購，我們怎麼能想到那會很棒。

Sure. Yes, I'll first answer the question just on the cadence of cash flow. Typically, Q1, as you saw, it tends to consume cash as what we saw of just over $100 million that begins to reverse itself. And as I mentioned on a previous Q&A, we think cash days improved probably a couple days in Q2. I would expect that probably to end up being similar improvements in 3 and 4. Adam. So I think you could think about it from that perspective of being positive cash flow on some form of equal basis, Q2, 3 and 4.

當然。是的，我會先回答現金流的節奏問題。通常，正如您所看到的，第一季度它傾向於消耗現金，正如我們所看到的那樣，剛好超過 1 億美元開始自行逆轉。正如我在之前的問答中提到的那樣，我們認為第二季度的現金日可能會有所改善。我希望這可能最終會在 3 和 4 中得到類似的改進。亞當。所以我認為你可以從某種形式的平等基礎上的正現金流的角度來考慮，Q2、3 和 4。

And thinking in regards to the capital and our allocation overall goals and strategies, that hasn't changed, as you know, our cash flow and how we allocate that free cash flow between reinvestments back in the business and returns back to shareholders. We still feel good about that 50-50 allocation for 2023. Our desire is to continue to stair step up to that 50% attainment and hopefully, we'll reach around 40% for 2023.

考慮到資本和我們的分配總體目標和戰略，如您所知，我們的現金流量以及我們如何在業務再投資和股東回報之間分配自由現金流量並沒有改變。我們仍然對 2023 年的 50-50 分配感到滿意。我們的願望是繼續逐步達到 50% 的目標，並希望我們在 2023 年達到 40% 左右。

And as you had mentioned and we've mentioned historically, it is certainly aligned to cash flow generation. We feel positive about where we expect to be for this year. And if we do exceed our initial expectations, we certainly will look at opportunistic repurchases going forward.

正如你所提到的，我們在歷史上也提到過，它肯定與現金流的產生保持一致。我們對今年的預期情況感到樂觀。如果我們確實超出了我們最初的預期，我們肯定會考慮未來的機會主義回購。

We will take our next question from Matt Sheerin with Stifel.

我們將接受 Stifel 的 Matt Sheerin 的下一個問題。

Rich, on my first question, just another demand question. And you talked about the weakness in North America, could you drill down a little bit in terms of those various channels that you sell into the large resellers versus VARs selling it to SMB versus public sector and what you're hearing from those customers in terms of when they think stabilizing. The same thing on the Advanced Solutions side because your comment was that it's growing but not as strong as in Europe.

Rich，關於我的第一個問題，只是另一個需求問題。你談到了北美的弱點，你能否深入了解一下你向大型經銷商銷售的各種渠道與 VAR 將其銷售給 SMB 與公共部門的情況，以及你從這些客戶那裡聽到的情況當他們認為穩定時。 Advanced Solutions 方面也是如此，因為您的評論是它正在增長，但不如歐洲強大。

Yes. Thanks for the question, Matt. I'll share this with Marshall. I would tell you I think that as we evolve through the year so far. We have seen a bit of a change in sentiment relative to our customers to words like a bit more cautious, words like things elongating in terms of the sales cycles. So I think that as the sort of the economic circumstance is playing out. There is a bit of a change in sentiment. So that is what we see from the macro level.

是的。謝謝你的問題，馬特。我會和馬歇爾分享這個。我會告訴你，我認為隨著我們今年到目前為止的發展。我們已經看到與客戶相關的情緒發生了一些變化，比如更謹慎的話，比如在銷售週期方面延長的事情。所以我認為，隨著經濟形勢的發展。情緒有點變化。這就是我們從宏觀層面看到的。

As it relates to are we seeing any differences between particular channels, I would say no, not so much that, that overlying sentiment seems to be fairly consistent. But Marshall, maybe you can provide some insights right from the numbers?

由於它涉及到我們是否看到特定渠道之間的任何差異，我會說不，不是那麼多，以至於疊加的情緒似乎相當一致。但是馬歇爾，也許你可以直接從數字中提供一些見解？

Yes, Matt. So when we look at our VAR allocation between public sector, large, medium, small retail, and all the aspects that go with it, the percentage of those buckets have remained fairly consistent, which is great. So SMB, as you know, is a very important aspect of our portfolio and it stayed resilient throughout this market.

是的，馬特。因此，當我們查看公共部門、大型、中型、小型零售業以及與之相關的所有方面之間的 VAR 分配時，這些桶的百分比保持相當一致，這很好。如您所知，SMB 是我們產品組合中非常重要的一個方面，它在整個市場中保持彈性。

I would say, as Rich said, across the board, there's probably just generally less spend on ES. But if you look at how we've been allocated, it stayed fairly consistent over these last 2 to 3 quarters.

我會說，正如 Rich 所說，總體而言，ES 上的支出可能普遍較少。但如果你看看我們的分配方式，它在過去 2 到 3 個季度中保持相當一致。

Yes. One exception from -- was jogging my memory, as Marshall was talking, I think we see government spend being a bit more robust relative to the other segments, but that's sort of the only outlier.

是的。正如馬歇爾所說，一個例外 - 正在慢跑我的記憶，我認為我們看到政府支出相對於其他部分更加強勁，但這是唯一的異常值。

Okay. Great. And if I could just sneak in a couple of quick ones. One, it sounded like you said that Hyve was up double digits year-over-year. If you could clarify that and what you're seeing there. And then also on the interest expense line, Marshall, should we be modeling that closer to $80 million or so through the year? Or do you expect to work that down with your free cash flow and bringing down short-term borrowings or anything like that?

好的。偉大的。如果我能偷偷溜進幾個快速的。第一，聽起來你說 Hyve 同比增長了兩位數。如果您能澄清這一點以及您在那裡看到的內容。然後在利息支出線上，Marshall，我們是否應該在全年中將其建模為接近 8000 萬美元左右？或者你希望通過你的自由現金流來降低短期借款或類似的東西嗎？

Hyve for quarter 1 performed great, above expectation around 15% in terms of revenue performance and margin profile, as you know, for that business has been strong. With that said, part of the reason why there was a decline quarter 1 to quarter 2 is we we're guiding somewhat lower expectations for Hyve in quarter 2, still growth, still good margins, but saw some good performance in quarter 1. It breaks down into 3 categories, and there's more that Hyve provides, but you think about the design part of the high business that continued to perform at or better than expectations.

Hyve 第一季度表現出色，在收入表現和利潤率方面超出預期約 15%，正如您所知，該業務一直很強勁。話雖如此，第 1 季度到第 2 季度出現下滑的部分原因是我們對 Hyve 在第 2 季度的預期有所降低，但仍在增長，利潤率仍然不錯，但在第 1 季度看到了一些不錯的表現。它分為 3 類，Hyve 提供的更多，但您考慮的是高端業務的設計部分，其性能繼續達到或優於預期。

If you look at the -- think about the assembly type of work that's performed well as we saw the quarter play out. And then finally, the distribution like services, whether that's strategic buys, if it's loose, parts and spares, those programs continue to perform well. They're very resilient. In our hyperscale community data center and power continue to be a shortage or constrained.

如果你看一下——想想我們看到本季度結束時表現良好的裝配類型的工作。最後，像服務這樣的分銷，無論是戰略採購，還是零散的零部件和備件，這些程序都繼續表現良好。他們非常有彈性。在我們的超大規模社區數據中心和電力繼續短缺或受限。

So there still is some demand out there for us to fulfill. And then just getting to the interest expense, yes, it's been elevated. You can see that it almost doubled in Q1 year-on-year. It's quite meaningful. It gets a little bit better in quarter 2, but still left $30 million-ish at $76 million. Matt, I think I would assume the cash flow generation expectation and the paying down of the revolver that we tapped throughout the quarter, probably brings down that interest expense somewhat in the second half of the year, but I wouldn't take much off of that.

所以仍然有一些需求需要我們去滿足。然後就是利息支出，是的，它已經提高了。你可以看到它在第一季度同比幾乎翻了一番。這很有意義。它在第二季度有所好轉，但仍保持在 7600 萬美元的 3000 萬美元左右。馬特，我想我會假設現金流量產生預期和我們在整個季度使用的左輪手槍的還清，可能會在今年下半年降低利息支出，但我不會減少太多那。

Yes, I just want to add, we had a particular around Hyve there, but high-growth technologies grew mid-double digit and continue to be greater than 20% of our overall portfolio. And as that becomes more meaningful, this is why we've started beginning to refer to gross billings overall because obviously, when we think about gross billings, we think about the productivity of the entire organization.

是的，我只想補充一點，我們在那裡有一個關於 Hyve 的特別之處，但高增長技術增長了兩位數，並且繼續占我們整體投資組合的 20% 以上。隨著這變得更有意義，這就是為什麼我們開始提到整體的總賬單，因為很明顯，當我們考慮總賬單時，我們會考慮整個組織的生產力。

We will take our next question from Shannon Cross with Credit Suisse.

我們將接受瑞士信貸 Shannon Cross 的下一個問題。

I had a couple as well. First, can you talk a bit about end verticals and what you're seeing. I'm just wondering, obviously, where I'm at, there's challenges in the financial sector. There's challenges in the tech sector with the layoffs. I'm just wondering within your conversations with your customers, what they're hearing from some of their customers in terms of demand and if you're seeing any or hearing of any pockets of growth as well? And then I have a follow-up.

我也有一對。首先，你能談談終端垂直和你所看到的嗎？我只是想知道，顯然，我在哪裡，金融領域存在挑戰。裁員給科技行業帶來了挑戰。我只是想知道在您與客戶的對話中，他們從一些客戶那裡聽到了什麼需求方面的信息，以及您是否也看到或聽到了任何增長點？然後我有一個後續行動。

Yes. So Shannon, we don't have a maniacal focus on end verticals, in particular, within our planning system. Anecdotally, what I would say is that there's a fairly common theme around constraints and making sure that people are very careful with their purchase.

是的。所以香農，我們沒有瘋狂地關注終端垂直，特別是在我們的規劃系統中。有趣的是，我要說的是，圍繞限制和確保人們在購買時非常小心有一個相當普遍的主題。

Perhaps the outlier around that, and it's not really an end vertical would be the hyperscale infrastructure and then all of the high-growth technologies for each of the customer sets are in more demand than what I would call the foundation or the foundational technologies of the rest of the set.

也許圍繞這一點的異常值，而且它並不是真正的垂直終端將是超大規模基礎設施，然後每個客戶群的所有高增長技術的需求都比我稱之為基礎或基礎技術的需求更多其餘部分。

So dynamics around digital transformation type offerings would be -- was more of a horizontal statement seems to be uniform around all of the end markets.

因此，圍繞數字轉換類型產品的動態將是——更多的是橫向聲明似乎在所有終端市場都是統一的。

Okay. And then I'm just curious in terms of inventory. Can you be a little more specific in terms of what drove the decline in inventory and where you think maybe normalized inventory levels for you are? I know you're getting close, I think, but was it more PCs? Or was it because you had strength in Hyve, just kind of wondering about the composition of what you have there? And I guess also, do you see any opportunities for maybe some inventory -- strategic inventory purchases given where component costs are maybe on the Hyve side?

好的。然後我只是對庫存感到好奇。您能否更具體地說明導致庫存下降的原因，以及您認為正常庫存水平可能達到的水平？我知道你越來越接近了，我想，但它是不是更多的個人電腦？或者是因為你在 Hyve 方面有實力，只是想知道你在那裡擁有的東西的構成？而且我想，你是否看到了一些庫存的機會 - 考慮到組件成本可能在 Hyve 方面的戰略庫存採購？

Yes, I'll start with the last question first on inventory [scrap] purchases on all sides of the business. So clearly, that's an aspect in element, primarily North America around [scrap buyers], a little bit larger. Those haven't [stopped]. We continue to have the same kind of discipline around the requirements of what that is needed for us to purchase and how fast that sells through.

是的，我將從最後一個問題開始，首先是關於企業各方面的庫存 [廢料] 採購。很明顯，這是元素的一個方面，主要是圍繞 [廢料買家] 的北美，稍微大一點。那些沒有[停止]。我們繼續對我們需要購買的東西以及銷售速度的要求保持同樣的紀律。

Shannon, to your question about scrap purchases within Hyve, that continues to play out. They're still flowing and producing quite well. So I think that will continue for the rest of this year. If I think about overall inventory demand, it was somewhat elevated as we came into quarter 1. I think that will start to work itself down.

Shannon，關於你關於 Hyve 內部廢品採購的問題，這個問題仍在繼續。它們仍在流動並且生產得很好。所以我認為這種情況將持續到今年餘下的時間。如果我考慮整體庫存需求，當我們進入第一季度時它有所上升。我認為這將開始自行下降。

The answer to were there any pockets that saw elevation or improvements. I think it was a fairly consistent improvement across the board, and that's in Americas, Europe and Asia comment. And then what we had said last quarter and is still true in our expectations in regards to Hyve that we do expect that the Hyve inventory will continue to unwind as we made some larger investment decisions last year that are starting to be collected -- or excuse me, billed and collected in Q2 and Q3, Q4.

答案是是否有任何口袋可以看到提升或改進。我認為這是一個相當一致的全面改進，這是在美洲、歐洲和亞洲的評論。然後我們上個季度所說的話在我們對 Hyve 的預期中仍然是正確的，我們確實預計 Hyve 庫存將繼續平倉，因為我們去年做出了一些更大的投資決定，這些決定正在開始收集 - 或者藉口我，在Q2和Q3，Q4開單收款。

And there are no further questions at this time. I will turn the call back to Mr. Rich Hume for closing remarks.

目前沒有其他問題。我會把電話轉回給 Rich Hume 先生作結束語。

Well, thank you very much. I'd like to thank our 23,500 coworkers around the globe for their focus and dedication in helping our customers and vendors and partners proceed each and every day. And I'd like to thank you. We appreciate your interest in TD SYNNEX and thanks for joining us today.

好的，謝謝。我要感謝我們在全球的 23,500 名同事，感謝他們每天專注和奉獻，幫助我們的客戶、供應商和合作夥伴取得進展。我要謝謝你。感謝您對 TD SYNNEX 的關注，並感謝您今天加入我們。

That concludes today's conference call. You may now disconnect. Have a nice day.

今天的電話會議到此結束。您現在可以斷開連接。祝你今天過得愉快。